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Buying Land in Costa Rica . . . .. . . Download pdf of Frequently Asked Questions
• How do I purchase land at Palm Springs?
• How is title transferred?
• Can I purchase land with other parties?
• What are the closing costs?
• What are the property and capital gains taxes?
To purchase land at Palm Springs a buyer or corporations must complete a sales agreement with Palm Springs Inc. At the time of mutual acceptance the buyer will deposit earnest money funds into an escrow account* to be held until closing. Palm Springs provides insurance to its buyers by having Stewart Title and Escrow of Costa Rica underwrite all its properties, ensuring smooth escrow transactions and title that will be free and clear of encumbrances.
At closing the buyer will transfer funds by certified check or by wire transfer to escrow, which can take up to several days. A new deed will be issued and the buyer’s name will be recorded with the National Registry. An appointed lawyer will act as public notary and certify the official Title Guaranty.
* An escrow account prevents manipulation or mishandling of funds prior to closing. The escrow agent is a third party responsible for issuing checks and executing payments. This system gives confidence to all the interested parties that funds are protected during the buying process and that all funds will be disbursed properly at closing.